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VdA > Firm Profile

With over 40 years of experience, Vieira de Almeida (VdA) is an international law firm noted for top-quality legal advice and cutting-edge innovation. A profound business know-how coupled with a highly specialised cross-sector legal practice enable the firm to effectively meet the increasingly complex challenges faced by clients. VdA offers robust solutions based on consistent standards of excellence, ethics and professionalism, and is acknowledged as a leading provider of legal services by the most reputed professional organisations, international publications and research institutions. VdA has consistently and consecutively received the industry’s most prestigious awards and nominations.

Through VdA Legal Partners clients have access to a wide sectorial coverage and a team of lawyers across 7 jurisdictions: Portugal; Angola; Cabo Verde;  Equatorial Guinea;  Mozambique, Sao Tomé and Príncipe and Timor-Leste.
VdA Legal Partners consolidates VdA’s international footprint, bringing together all the lawyers and independent law firms affiliated with VdA for the provision of integrated legal services in Lusophone Africa, as well as Timor-Leste.

The firm has a unique blend of exceptional technical expertise, a commercial mindset and in-depth knowledge across industries and local markets. Each mandate is tenaciously handled by multidisciplinary teams comprised of subject-matter specialists and local practitioners. Lawyers at VdA work as a team regardless of their physical location: enthusiastic client service is part of their DNA, wherever the client may be.

The firm’s international reach is further enhanced through a set of working relationships with some of the most reputed law firms in Europe, America – particularly Brazil – Asia and Africa:

• Angola: With extensive experience in Angola, our lawyers have led the most high-profile operations and projects of the last decades, particularly in the Oil&Gas, mining, banking and finance and the telecommunications sectors. The exclusive Angolan member of VdA Legal Partners, Luanda-based ASP Advogados, is comprised of notable local lawyers, deeply familiarized with the Angolan market, drawing upon the talents and skills of over 300 VdA attorneys across 7 jurisdictions and several international offices. Clients’ most demanding and multifaceted needs in Angola are met by a highly specialised and fully dedicated cross-sector legal practices. For further information, please visit: www.aspadvogados.co.ao
• Cabo-Verde: At VdA, our lawyers have assisted with diversified projects and operations in Cabo Verde, particularly in the telecommunications, banking and finance, energy, and tourism sectors, further standing out for their extensive work in legislative production as part of the great legal reforms undertaken in recent years. Our local partner, SSA Advogados is the exclusive member of VdA Legal Partners in Cape Verde. Led by Sulima Santos, this young and dynamic team has a deep knowledge of the local market. As part of the VdA Legal Partners network, which gathers more than 300 lawyers with international experience, SSA Advogados aims to establish itself as a leading firm in the Cape Verdean legal market, particularly in the Financial, Energy, Infrastructures, Telecommunications and Tourism sectors
  For further information, please contact: caboverde@vdalegalpartners.com
• Equatorial Guinea: Our VdA lawyers have in-depth knowledge of the Equato-Guinean market, regularly assisting major investors in the country, including in contentious matters, chiefly in the Oil&Gas sector but also in the infrastructure, transport, banking & finance and energy sectors, as well as in national and international arbitration. For further information, please contact: equatorialguinea@vdalegalpartners.com
• Mozambique: GDA Advogados is the exclusive member of VdA Legal Partners in Mozambique. Combining a dynamic and multifaceted team with international background with a deep understanding of the local Mozambican market, GDA Advogados is particularly focused on the energy, infrastructure and the banking & finance sectors, drawing upon the accumulated know-how of over 300 VdA Legal Partners’ lawyers worldwide. For further information, please visit: www.gdaadvogados.com, or contact: mozambique@vdalegalpartners.com
• São Tomé e Príncipe: With extensive experience in São Tomé and Principe, our lawyers have consistently supported major international investors in recent years, notably in the Oil&Gas, banking & finance and tourism sectors. Our local partner, VNA Advogados, is a highly reputed law firm with a young, dynamic team with in-depth knowledge of the local situation, offering specialized, close and practical assistance to our clients. For further information, please visit: www.vnalawfirm.com
• Timor-Leste: With extensive experience in Timor-Leste, and a bespoke combination of relationships, skills and experience in all relevant sectors – notably in telecommunications, banking & finance, infrastructure and oil&gas matters, our teams in Timor-Leste have also often been involved in extensive work regarding legislative production as part of the legal reforms undertaken in the country over recent years. For further information, please contact: timorleste@vdalegalpartners.com

Sector expertise :

• Agribusiness
• Aviation
• Associations
• Banks
• Cooperatives
• Defence
• Distribution
• Energy
• Fast moving consumer goods
• Foundations
• Funds
• Healthcare
• Insurance
• IPSS, ONGDs and other Public Interest entities
• Life sciences
• Mining
• Oil&Gas
• Ports and airports
• Private equity & venture capital
• Public administration
• Public sector companies
• Rail Infrastructures
• Real estate
• Regulatory entities
• Road infrastructures
• Shipping
• Social Enterprises and Businesses
• Space
• Technology & innovation
• Telecoms
• Tourism
• Water and waste

Press Releases

PORTUGAL | Allianzgi-Fonds Aevn Case (C-545/19): WHT Applicable to dividends obtained by non-resident collective investment undertakings is not accepted by the ECJ

28th March 2022 The European Court of Justice (ECJ) confirmed today that the withholding tax (WHT) applicable in Portugal on dividends paid to non-resident collective investment undertakings is incompatible with EU Law, in line with the arguments that we have sustained at the referring proceeding before the Tax Arbitration Court in Portugal.

ANGOLA | Draft Law – Tax Benefits Code

28th March 2022 Parliament has approved the Draft Law on the Tax Benefits Code (the “Act”), which seeks to bring together in a single act every tax benefit existing in Angola, their rules and conditions.

MOZAMBIQUE: Decree No. 20/2021, of 13 April – Amendments to the Investment Law Regulation approved by Decree No. 43/2009, of 21 August

18th May 2021 With the aim of adapting national and foreign investment processes (“Investment Projects”) to a new institutional framework of coordination and in the context of a policy to attract and facilitate those investments, Decree no. 20/2021, of 13 April (“Decree”), was approved, introducing amendments to the Investment Law Regulation. We highlight the following:

1. 1. For the purposes of transferring profits abroad and re-exportable invested capital, the minimum value of foreign direct investment through the allocation of own capital shall now be MZN 7,500,000 (seven million five hundred thousand meticais) and the minimum value for annual exports of goods or services shall be increased to MZN 4,500,000 (four million five hundred thousand meticais).
   2.  The initial investment to be made in the first two years of activity by companies established outside Industrial Free Trade Zones, but that wish to benefit from the respective regime, will now have a minimum amount equivalent to MZN 75,000,000 (seventy-five million meticais).
   3. The Agency for the Promotion of Investment & Exports (Agência para a Promoção de Investimento e Exportações, I.P. – “APIEX”) replaces the Investment Promotion Centre and the Office of Economic Zones for Accelerated Development as the entity responsible for the development, promotion and management of Investment Projects, as well as the promotion of national exports.
   4. As regards the entities responsible for the approval of the Investment Projects, we note the following:
      • Secretaries of State in the Province: for national Investment Projects in an amount not exceeding the equivalent to MZN 4,500,000 (four million five hundred thousand meticais);
      • Director General of APIEX: Investment Projects in an amount not exceeding the equivalent to MZN 7,500,000,000 (seven billion five hundred million meticais) and projects under the Special Economic Zone and Industrial Free Zone regimes;
      • Minister that oversees the area of Finances: Investment Projects in an amount not exceeding MZN 37,500,000,000 (thirty-seven billion five hundred million meticais);
      • Council of Ministers: Investment Projects in an amount exceeding the equivalent to MZN 37,500,000,000 (thirty-seven billion five hundred million meticais).
   5. The transfer of an investor’s position, including in undertakings and units of the Integrated Tourism Resort Zone, shall now only be subject to authorisation by the entity that authorised the respective project and upon proof of compliance with the relevant tax obligations.

CONVENTION TO ELIMINATE DOUBLE TAXATION BETWEEN ANGOLA AND CABO VERDE

18th May 2021 The Republic of Angola and the Republic of Cape Verde have signed, on August 8, 2019, in Luanda, a Convention to eliminate Double Taxation of Income Taxes and to avoid Tax Evasion (DTT).Conventions to eliminate Double Taxation concluded between contracting States are a very important instrument for companies and investors’ trust when dealing with cross border transactions.The DTT signed between Angola and Cape Verde may assume an important role for structuring investments involving both countries.We highlight the following:Technical Services FeesThe DTT sets forth a reduced 5% withholding rate on services paid by a client resident in on state to a service provider resident in the other state.InterestIt is also foreseen a reduced 8% rate applicable on interest payments between both countries.DividendsTo what concerns dividends, the applicable rates may vary between 5% and 10% depending on the situations.Entry into forceThe DTT has been signed in August 2019, however, only the Republic of Cape Verde has approved the agreement for ratification, as per the Resolution n.º 192/IX/2021 of 31.03.2021.The Republic of Angola has not approved similar procedure up to this date.Thus, the DTT has not entered into force yet.Angola has currently DTTs in force with Portugal and the UAE, and the DTT with China is still pending to be ratified.Cape Verde has DTTs in force with Portugal, Macau, Spain and Guinea Bissau. The DTTs with Equatorial Guinea, Mauritius and Sao Tome and Principe are still pending to be ratified.

VdA has been appointed to preside over the Steering Committee of GRACE

13th February 2018 VdA has been elected President of the Steering Committee of GRACE for the period 2018/2020. Partner Margarida Couto, shall take office on behalf of the firm.GRACE (www.grace.pt) is a pioneering non-profit public interest organisation gathering over 160 companies of all sizes and across industries, engaged in deepening their social role, as well as promoting and developing Corporate Social Responsibility (CSR) in Portugal.

Legal Developments

PORTUGAL | European Corporate Sustainability Due Diligence Directive Proposal

7th March 2022 In April 2020, the EU Justice Commissioner announced that the European Union was committed to legislate on mandatory human rights and environmental due diligence. In March 2021, the European Parliament approved a legislative proposal for the Commission to legislate on that matter and on 23 February 2022, the European Commission has adopted a proposal for a Directive on corporate sustainability due diligence.

ANGOLA | Legal Regime of Telework

7th March 2022 Presidential Decree NO. 52/22, dated 17th February 2022, creates the legal regime of telework, entering into force on 20th March 2022.

PORTUGAL | The Basics of Decree-Law 109-D/2021

7th February 2022 Decree-Law 109-D/2021, of 9 December 2021 (DL 109-D/2021) partially transposes EU Directive 2019/1151 of the European Parliament and of the Council, of 20 June 2019 (“Directive 2019/1151") to the domestic legal order, whose purpose is to enable the use of digital tools and processes across a broad range companies law areas to set up companies and register branches more easily, rapidly and time- and cost-effectively.

PORTUGAL | EU Directive proposal to prevent the misuse of shell entities for tax purposes

7th February 2022 On December 22, 2021, the European Union (“EU”) Commission released the proposal for a Directive to prevent the misuse of shell entities for tax purposes and amending the Directive on Administrative Cooperation in the field of taxation (“DAC”).

PORTUGAL | NEW LEGAL FRAMEWORK OF THE SEN | DECREE-LAW NO. 15/2022, OF 14 JANUARY SELF-CONSUMPTION

27th January 2022 Decree-Law no. 15/2022, of 14 January 2022 (“DL 15/2022”) is the new piece of the legislation applicable to self-consumption and energy communities, which had so far been regulated by a separate act. The new act’s amendments to the existing legal framework seek to streamline procedures, encourage the adoption of self-consumption solutions and facilitate energy sharing between consumers.

EQUATORIAL GUINEA | 2022 General State Budget Law

26th January 2022 Equatorial Guinea’s 2022 State Budget was enacted by way of Law 3/2021, of 3 December 2021.

PORTUGAL | Amendments to the Commercial Companies Code

26th January 2022 Since December 2021, the Portuguese Commercial Companies Code (“PCCC”) has been subject to several amendments, namely in terms of the governance of commercial companies, the subtypes of public limited companies (by shares*), in terms of multiple-vote and corporate crimes and penalties.

PORTUGAL | GDPR Fines Tracker – Cookies: 210m€ Fine Imposed to Google and Facebook

26th January 2022 The French Data Protection Authority fines Google (150M euros) and Facebook (60M euros) due to non-compliance with cookies regulation.

PORTUGAL | Contribution on Single-Use Plastic Packaging

26th January 2022 Ministerial Order no. 331-E/2021, of 31 December, was published, regulating the  contribution on single-use packaging made of plastic or aluminium purchased in ready-to-eat meals, provided for in article 320 of Law no. 75-B/2020, of 31 December, which approved the State Budget Law for 2021.

PORTUGAL | Climate Framework Law

26th January 2022 Law 98/2021 laying down the foundations of climate policy was published on 31 December 2021 and comes into force on 1 February.

PORTUGAL | New Legal Framework for the National Electricity Sector Dl 15/2022, of 14 January 2022: Electricity Generation

26th January 2022 Decree-Law no. 15/2022, of 14 January 2022 (“DL 15/2022”) was published on 14 January. The act was approved following a public consultation period that included over 160 contributions from players of the energy sector. DL 15/2022 consolidates different electricity sector frameworks foreseen in scattered legislation, while also reviewing and clarifying certain aspects that were raising doubts in the sector.

PORTUGAL | General Whistleblower Protection Framework

26th January 2022 Law 93/2021 establishing the general whistleblower protection framework (“RPDI”) and transposing Directive (EU) 2019/1937, of 23 October 2019, on the protection of persons who report breaches of Union law (“Directive”), was published December 20, 2021.

PORTUGAL | MONITORING, CONTROL, REMOVAL AND PREVENTION OF ACCESS TO PROTECTED CONTENT IN THE DIGITAL ENVIRONMENT

20th December 2021 Law no. 82/2021 was published, approving the rules and procedures for the monitoring, control, removal and prevention of access to protected content in the digital environment, and imposing new obligations on intermediary networking service providers.

ANGOLA | PROPOSAL FOR THE 2022 GENERAL STATE BUDGET LAW

20th December 2021 It has recently been made available the Proposal for the 2022 General State Budget Law (“State Budget Proposal”).

TRADE OF DUAL-USE ITEMS: NEW EU RULES ADOPTED

26th October 2021 Regulation (EU) 2021/821, of 20 May, setting up a new Union regime for the control of exports, brokering, technical assistance, transit and transfer of dual-use items and reformulating the previous regime provided for by Regulation (EC) 428/2009, of 5 May 2009, entered into force on 9 September 2021.

WTH NON-EU FUNDS

26th October 2021 WHT applicable to dividends obtained in Portugal by non-EU investment funds.

COURT DECLARES “ZERO TARIFF” OPTIONS ILLEGAL

26th October 2021 The Court of Justice of the European Union declares “zero tariff” options contrary to the European Union legislation.

ACCESSION OF ANGOLA TO THE WASHINGTON CONVENTION (ICSID CONVENTION)

26th October 2021 The National Assembly of Angola approved Resolution No. 63/21, of September 1st, which approves Angola's accession to the Convention for the Settlement of Disputes arising from Foreign Investment Contracts between States and nationals of others concluded in 1966, also known as the "Washington Convention" or as the "ICSID Convention".

REGULATION OF THE LEGAL FRAMEWORK FOR CYBERSECURITY

8th September 2021 The regulation of the Cyberspace Security Legal Framework was published, with impact on operators of critical infrastructures and essential services, digital service providers and the Public Administration.

AMENDMENTS TO THE CIVIL CODE

8th September 2021 Decree-Law No. 2/2021, of 9 August - Amends articles 377, 714, 875 and 1143 of the Civil Code, approved by Decree-Law No. 47344, of 25 November 1966.

ANACOM DECIDES ON THE INTERNET SOCIAL TARIFF

8th September 2021 Most relevant aspects of ANACOM’s draft decisions in the context of the regulation of the social tariff for supplying broadband Internet access services.

NEW INTERNET SOCIAL TARIFF

8th September 2021 Most relevant aspects of Decree-Law No. 66/2021 of 30 July, which creates the social tariff for supplying broadband Internet access services (“Internet Social Tariff”).

ENACTMENT OF THE ZLT FRAMEWORK ACT – TECHNOLOGICAL FREE ZONES

8th September 2021 The testing and trial of technology-based innovative technologies, products, services and processes now benefit in Portugal from an innovative, structured and cross-sector approach, as approved by the legal framework for the creation of the so-called Technological Free Zones (ZLTs), which aim to facilitate and streamline the development of new products and systems with higher added value and social and economic impact.

AMENDMENT TO THE REGIONAL REGIME OF SPACE ACTIVITIES – REGIONAL LEGISLATIVE DECREE NO. 24/2021/A

8th September 2021 The first amendment to the licensing regime for space activities in the Autonomous Region of the Azores ("RAA") was published on July 22nd as approved by Regional Legislative Decree No. 9/2019/A of 9 May.

PORTUGUESE COMMUNICATIONS AUTHORITY APPROVES DRAFT REGULATION ON THE SUB-ALLOCATION OF NUMBERS

8th September 2021

Approval of a Draft Regulation on the sub-allocation of numbers from the National Numbering Plan

The Portuguese national regulatory authority for the electronic communications sector, Autoridade Nacional de Comunicações (“ANACOM”), approved, on June 24^th 2021, a Draft Regulation on the sub-allocation of numbers form the National Numbering Plan (hereinafter “Draft Regulation”), only available in Portuguese (here).

NEW CARBON TAX ON AIR AND SEA TRAVEL

8th September 2021 Most relevant aspects of Ordinance no. 38/2021, of February 16, which creates carbon taxes on air and maritime travels.

LEGAL REGIME OF SOIL CLASSIFICATION AND QUALIFICATION

8th September 2021 The Council of Ministers approved, on a meeting held on 12 May 2021, the draft Decree Law enacting the Legal Regime of Soil Classification and Qualification. The decree law entered into force on July 1^st 2021.

THE IVAUCHER PROGRAMME – VAT VOUCHER

8th September 2021 Following the State Budget Law for 2021, which has introduced the IVAucher programme, Regulatory Decree no. 2-A/2021, of 28 May defines the scope and governs the specific conditions of the programme and Ordinance no. 119/2021, of 7 June, determines the start date and duration of the phases of the programme.

EUROPEAN COMMISSION APPROVES NEW STANDARD CONTRACTUAL CLAUSES FOR DATA TRANSFERS.

8th September 2021 On June 4th, the European Commission (EC) approved the long awaited new Standard Contractual Clauses (SCCs) for transfers of personal data, replacing the former Clauses issued under Directive 95/46/EC. The SCCs arrive over 3 years after the application of Regulation (EU) 2016/679 (General Data Protection Regulation or GDPR). These new Clauses were long anticipated, specially in virtue of the Schrems II judgement of the Court of Justice, and aim to also reflect the requirements associated with this ruling.

NEW INSOLVENGY REGIME IN ANGOLA

8th September 2021 The new Law on the Legal Framework for Corporate Restructuring and Insolvency, which was unanimously approved by Parliament on 19 January 2021, has now been published as Law no. 13/21 of 10 May, having entered into force on that same day.

Portuguese Charter of Human Rights in the Digital Age

8th September 2021 The Law No. 27/2021, of 17 May, has approved the Portuguese Charter of Human Rights in the Digital Age ("Charter"), which establishes a set of innovative standards regulating the digital environment.

SPECIAL RULES ON COMPULSORY PROPHYLACTIC ISOLATION OF WORKERS IN THE PETROLEUM SECTOR

8th September 2021 Special Rules on Compulsory Prophylactic Isolation of Petroleum Industry’s Employees.

AGREEMENT ON THE PROMOTION AND RECIPROCAL PROTECTION OF INVESTMENTS BETWEEN THE REPUBLIC OF ANGOLA AND THE KINGDOM OF SPAIN

8th September 2021 Presidential Decree 109/21, of 29 April 2021, enacting the Agreement on the Promotion and Reciprocal Protection of Investments between the Republic of Angola and the Kingdom of Spain (the “Agreement”), came into force on its date of publication, 29 April 2021.

AGREEMENT ON THE PROMOTION AND RECIPROCAL PROTECTION OF INVESTMENTS BETWEEN THE GOVERNMENT OF THE REPUBLIC OF ANGOLA AND THE GOVERNMENT OF THE UNITED ARAB EMIRATES

8th September 2021 Presidential Decree 107/21, of 29 April 2021, enacting the Agreement on the Promotion and Reciprocal Protection of Investments between the Government of the Republic of Angola and the Government of the United Arab States (the “Agreement”), came into force on its date of publication, 29 April 2021.

EDPB OPINION ON DRAFT ADEQUACY DECISION REGARDING PROTECTION OF PERSONAL DATA IN THE UK

8th September 2021 On 13 April 2021, the European Data Protection Board (EDPB) published Opinion 14/2021 regarding the European Commission Draft Implementing Decision pursuant to Regulation (EU) 2016/679, on the adequate protection of personal data in the United Kingdom (Opinion). The Opinion is part of the procedure envisaging the formal adoption of the European Commission (EC) adequacy decision regarding the United Kingdom (UK), in order to safeguard the commercial relations between the EU and the UK, as the Brexit temporary solution established in the Trade and Cooperation Agreement between the EU and the UK is coming to an end (find more about this in our Flash on Transfers of Data to the UK).

VAT AND NON-RESIDENT TAXABLE PERSONS

8th September 2021 Circular Letter no. 30235, of 27 April 2021, clarifies the VAT rights and obligations applicable to non resident taxable persons who carry out supplies of goods or services in Portugal.

NEW LAW ON SECURITY OVER MOVABLES

8th September 2021 Law 11/2021, of 7 April 2021, establishing the legal framework for the use of movable assets as security for the discharge of obligations (“Law”), was published on 22 April 2021 and will take effect 180 days after publication.

NATIONAL OCEAN STRATEGY

8th September 2021 The Government issued a Council of Ministers Resolution yesterday, May 6, 2021, approving the 2021-2030 National Ocean Strategy (NOS), a programmatic document governing ocean-related political actions and enshrining the Government's commitment to protect the ocean and ensure the sustainable development of its many opportunities. The act is in line with global and European commitments, namely the United Nations Agenda 2030 Sustainable Development Goal 14: Life Below Water - “Conserve and sustainably use the oceans, seas and marine resources for sustainable development” -, the European Blue Agenda and the European Ecological Pact.

AMENDMENTS TO THE INVESTMENT LAW

8th September 2021 Decree No. 20/2021, of 13 April - Amendments to the Investment Law Regulation approved by Decree No. 43/2009, of 21 August.

AMENDMENTS TO THE PRIVATE INVESTMENT LAW

8th September 2021 The Angolan Parliament recently enacted Law 10/21, of 22 April 2021 (“Law 10/21”), approving several important amendments to the existing Private Investment Law (“PIL"), enacted by Law 10/18, of 26 June 2018.

PORTUGUESE DATA PROTECTION AUTHORITY ORDERS THE SUSPENSION OF DATA TRANSFERS TO THE UNITED STATES

8th September 2021

The decision of the Portuguese Data Protection Authority

On 27 April 2021, the Portuguese Data Protection Authority (Comissão Nacional de Proteção de Dados – CNPD) issued a Deliberation (only available in Portuguese) addressed to the National Statistics Institute (Instituto Nacional de Estatística – INE) ordering this entity to suspend, within 12 hours, all data transfers to the United States of America (USA) or to other third countries that do not ensure an adequate level of protection.

U-SPACE PACKAGE

8th September 2021 The European Commission adopted the U-space package.

NEW FOREX REGIME FOR NON-ASSOCIATED NATURAL GAS AND DERIVATIVES

8th September 2021 Pursuant to the provisions of the Foreign Exchange Law for the Petroleum Sector [approved by Law 2/12, of 13 January 2021 (“FELPS”)], the National Bank of Angola ("BNA") has recently published Order 3/2021, of 1 April 2021 ("Order"), which establishes the new foreign exchange regime applicable to the entities engaged in the prospecting, exploration, appraisal, development, production and marketing of non-associated natural gas and its derivatives.

EXCHANGE POLICY

8th September 2021 The National Bank of Angola (“BNA”) recently published, in the use of its powers, the following pieces of legislation:

NEW VOLUNTARY ARBITRATION REGIME

8th September 2021 Law no. 6/2021, of 31 March (“Law 6/2021”), which enacts the voluntary arbitration law (“VAL”) and for the first time amends the Code on Civil Procedure (“CCP”), was published in the Timor-Leste Official Gazette.

CONVENTION TO ELIMINATE DOUBLE TAXATION BETWEEN ANGOLA AND CABO VERDE

8th September 2021 The Republic of Angola and the Republic of Cape Verde have signed, on August 8, 2019, in Luanda, a Convention to eliminate Double Taxation of Income Taxes and to avoid Tax Evasion (DTT).

NEW RULES FOR NON-PERFORMING EXPOSURES SECURITISATIONS AND SYNTHETIC SECURITISATION

8th September 2021 Regulation (EU) 2021/557 and Regulation (EU) 2021/558, both of 31 March 2021, approved relevant amendments to the Securitisation Regulation and to the Capital Requirements Regulation, respectively, which entail material adjustments to the securitisation framework and are  intended to support the economic recovery in response to COVID-19 crisis.

ONLINE REGISTRATION FORM FOR SUPPLIERS OF THE OIL SECTOR

8th September 2021 The National Petroleum, Gas and Biofuels Agency (“ANPG”), the National Concessionaire for the Angolan oil sector, has recently made available the online registration form for the sector’s suppliers

SETTLEMENT OF GOODS AND SERVICES SUPPLIED TO OWNERS OR OPERATORS OF FOREIGN-FLAGGED VESSELS

8th September 2021 By means of Order No. 2/21, of 24 March 2021, the National Bank of Angola approved new terms and conditions for the settlement of goods and services supplied by local shipping agents (“Agents”) and port services providers (“PSPs”), to owners or operators of foreign flagged vessels calling Angola (“Maritime Operators”).

RESIDENCE PERMIT FOR INVESTMENT ACTIVITY: AMENDMENTS TO THE INVESTMENT REQUIREMENTS

8th September 2021 Decree-Law 14/2021, of 12 February 2021 (“DL 14/2021”) amended the legal framework of residence permits for investment activity to encourage investment in inland areas, the creation of jobs and urban and cultural heritage re-qualification.

NEW RULES IN PORTUGAL ON ELECTRONIC DOCUMENTS AND IDENTITY

8th September 2021 The legislation implementing in Portugal the European Regulation⁽¹⁾ on electronic identification and trust services for electronic transactions in the internal market has been approved and published.

THE NEW LEGAL REGIME FOR CYBERSECURITY APPROVED IN CABO VERDE

8th September 2021 The regulation of the Cyberspace Security Legal Framework was published, with impact on operators of critical infrastructures and essential services, digital service providers and the Public Administration

BANK OF PORTUGAL PUBLISHES REPORTING MODEL FOR FINANCIAL ENTITIES OPERATING IN PORTUGAL UNDER THE FREEDOM TO PROVIDE SERVICES REGIME

8th September 2021 On 14 January 2021, the Bank of Portugal published a new reporting model for financial entities operating in Portugal and having their head office in another European Union Member State, to be used to report on their activity carried out in Portugal under the free provision of services regime.

Angola Exchange Policy

18th May 2021 The National Bank of Angola (“BNA”) recently published, in the use of its powers, the following pieces of legislation:

NEW VOLUNTARY ARBITRATION REGIME

18th May 2021 Law no. 6/2021, of 31 March (“Law 6/2021”), which enacts the voluntary arbitration law (“VAL”) and for the first time amends the Code on Civil Procedure (“CCP”), was published in the Timor-Leste Official Gazette.

ONLINE REGISTRATION FORM FOR SUPPLIERS OF THE OIL SECTOR

18th May 2021 The National Petroleum, Gas and Biofuels Agency (“ANPG”), the National Concessionaire for the Angolan oil sector, has recently made available the online registration form for the sector’s suppliers.

RESIDENCE PERMIT FOR INVESTMENT ACTIVITY: AMENDMENTS TO THE INVESTMENT REQUIREMENTS

18th May 2021 Decree-Law 14/2021, of 12 February 2021 (“DL 14/2021”) amended the legal framework of residence permits for investment activity to encourage investment in inland areas, the creation of jobs and urban and cultural heritage re-qualification.

NEW RULES IN PORTUGAL ON ELECTRONIC DOCUMENTS AND IDENTITY

18th May 2021 The legislation implementing in Portugal the European Regulation⁽¹⁾ on electronic identification and trust services for electronic transactions in the internal market has been approved and published.

Ownership and marketing of broadcasting rights for the Portuguese professional football leagues (I and II Leagues)

18th May 2021 On 23 March 2021, the new legal regime regarding the ownership of broadcasting rights of the 1st and 2nd football leagues came into force (Decree-Law no. 22-B/2021, of 22 March).

BANK OF PORTUGAL PUBLISHES REPORTING MODEL FOR FINANCIAL ENTITIES OPERATING IN PORTUGAL UNDER THE FREEDOM TO PROVIDE SERVICES REGIME

18th May 2021 On 14 January 2021, the Bank of Portugal published a new reporting model for financial entities operating in Portugal and having their head office in another European Union Member State, to be used to report on their activity carried out in Portugal under the free provision of services regime.

NEW RULES FOR NON-PERFORMING EXPOSURES SECURITISATIONS AND SYNTHETIC SECURITISATIONS

18th May 2021 Regulation (EU) 2021/557 and Regulation (EU) 2021/558, both of 31 March 2021, approved relevant amendments to the Securitisation Regulation and to the Capital Requirements Regulation, respectively, which entail material adjustments to the securitisation framework and are intended to support the economic recovery in response to COVID-19 crisis.

WILL PRE-PACKS ARREST THE DELAYS AND SPEED UP DISTRESSED DEALS IN INDIA?

23rd April 2021

India has recently enacted the Insolvency and Bankruptcy (Amendment) Ordinance, 2021 (Ordinance), under which the pre-packaged insolvency process (“PPIP”) for MSMEs with a default of up to INR10,000,000 (Indian Rupees Ten Million) has been made effective.  Further, the Ministry of Corporate Affairs has notified the minimum amount of default to trigger the PPIP under the Ordinance as INR1,000,000 (Indian Rupees One Million).

Partner and Head of M&A, Rukshad Davar, assesses whether pre-packs will result in speedier distressed deals.

Background

Micro, Small and Medium Scale Enterprises (“MSMEs”) have faced a lot of hardships and financial stress during the Covid19 pandemic.  The Indian government has taken several measures to mitigate their distress, including increasing the limit of the minimum amount that constitutes a default for the initiation of the Corporate Insolvency Resolution Process (“CIRP”) and suspending the filing of fresh insolvency applications under the Insolvency and Bankruptcy Code, 2016 (the “Code”) for a year post March 25, 2020.

The government also constituted a sub-committee of the Insolvency Law Committee (the “Sub-committee”) to prepare the framework for pre-packaged debt resolution.  The Sub-committee submitted its draft report last October.

Based on the Sub-committee’s report, on April 4, 2021, the President of India promulgated the Insolvency and Bankruptcy (Amendment) Ordinance, 2021 (the “Ordinance”), under which the pre-packaged insolvency process (“PPIP”) for MSMEs with a default of up to INR10,000,000 (Indian Rupees Ten Million) was made effective.  Further, on April 9, 2021, the Ministry of Corporate Affairs notified the minimum amount of default to trigger the PPIP under the Ordinance as INR1,000,000 (Indian Rupees One Million).

PPIP under the Ordinance

The PPIP commences on the date of admission of an application by the National Company Law Tribunal (the “NCLT”) (the “Pre-packaged Insolvency Date”), and the maximum time frame provided under the Ordinance for completion of the entire process is one hundred and twenty (120) days from the Pre-packaged Insolvency Date.

A PPIP is initiated by the corporate debtor itself, and the decision to initiate a PPIP is typically arrived at after the corporate debtor and its creditors have arrived at an informal plan to resolve the corporate debtor’s outstanding debt obligations.

Within two (2) days of the Pre-packaged Insolvency Date, the corporate debtor is required to submit to the insolvency resolution professional (the “IRP”): (i) a base resolution plan; (ii) list of claims; and (iii) preliminary information memorandum containing all information relevant for formulating a resolution plan.  The IRP is, in turn, required to submit this to the committee of creditors (the “CoC”).  On the Pre-packaged Insolvency Date, a moratorium is imposed, and within ninety (90) days of the Pre-packaged Insolvency Date, the IRP is required to submit a resolution plan (approved by 66% of the voting share of the CoC) to the NCLT.  The NCLT is then responsible for passing an order approving or rejecting the resolution plan within thirty (30) days of submission of the resolution plan.

Under the PPIP, the following eligibility criteria have to be fulfilled before initiation of the process:

• The corporate debtor must not have undergone a PPIP or completed a CIRP for at least three (3) years prior to the initiation of the current PPIP;
• The corporate debtor must not currently be under a CIRP and/or no liquidation order must have been passed against the corporate debtor;
• The corporate debtor must be eligible to submit a resolution plan under Section 29A of the Code;
• The financial creditors (who are not related parties to the corporate debtor) must have proposed the name of the IRP and his/her appointment must have been approved by at least 66% (by value of debt) of such financial creditors;
• A majority of the directors or partners of the corporate debtor must have made a declaration to the NCLT stating: (i) that they will file an application for initiating the PPIP within ninety (90) days; (ii) that the PPIP is not being initiated to defraud any person; and (iii) the name of the IRP;
•  Members of the corporate debtor must have passed a special resolution, or 3/4^thpartners of the corporate debtor must have filed a resolution approving the filing of the application to initiate PPIP.

Key changes under the pre-packaged regime

Shorter timelines

Under the CIRP, the resolution process is long-drawn and takes up to two hundred and seventy (270) days for resolution of stressed companies.  However, under the Ordinance, a PPIP must be completed in one hundred and twenty (120) days.  This shorter timeline will benefit MSMEs owing smaller debts and their creditors as a quick resolution can be achieved for such insolvent MSMEs.

Debtor in possession

The CIRP follows a model of IRP in possession and creditor in control, whereas the PPIP provides for a debtor in possession and creditor in control model.  It means that under the CIRP, the IRP takes over business of the corporate debtor, but under the PPIP, the debtor remains in the driving seat and runs the company until the resolution plan is finalized.  At the same time, to protect the interest of creditors, the CoC can also pass a resolution, with at least 66% of the voting share, to direct the promoters to hand over the management of the corporate debtor to the IRP.  Practically speaking, this move to allow the debtor to be in possession will ensure that the MSME has a higher chance of continuing to operate as a going concern.  Moreover, this model is likely to incentivize promoters to seek the initiation of PPIPs to resolve their insolvency.  Further, this model may ensure a reduction in the litigation as a majority of the litigation in insolvency cases is initiated by ousted promoters.

Freedom with the debtor to negotiate with potential investors

As the PPIP envisions the immediate submission of a base resolution plan, a corporate debtor can negotiate with potential investors or buyers, and creditors for the sale of a stake in the debtor company or other revival structures.  At the same time, to protect the interests of the creditors, the PPIP also provides for a swiss challenge mechanism, under which the IRP can invite resolution plans to compete with the base resolution plan if the base resolution plan is not approved by the CoC.  Given this, a PPIP incentivizes the corporate debtor to resolve debt obligations promptly so as to ensure continuity of the business.

Conclusions

The PPIP is very popular in several countries, including the UK, the USA, and international experience has shown that the PPIP has helped in preserving the value of the business or debtor entity.  However, in India, the pre-packaged insolvency regime may face certain challenges.

First, adhering strictly to timelines for disposal of issues is going to be a major challenge for the insolvency tribunals and courts, because even basic issues and settled positions seem to get litigated.  In our experience with the Code thus far, the CIRP generally takes longer due to procedural issues and other complexities, thereby defeating the very purpose of a time-bound insolvency process.  As such, the onus will be on the insolvency tribunals to make sure that the parties involved in the PPIP adhere to the timelines mentioned in the Ordinance.

Second, in the PPIP, certain issues may be raised with respect to the transparency of the entire process as promoters will be in charge of keeping the corporate debtor afloat. Operational creditors, although protected, may, nevertheless, be at the receiving end of proposed resolutions.  There may also be legal issues alleging the honesty of the entire process.  Therefore, the insolvency tribunals and courts will have to strike a balance between managing these challenges without compromising the intent of the Ordinance.

Having said that, the Ordinance is a good first step in India towards creating a PPIP jurisprudence, which will evolve over time just like the Code did.

New regime of broadcasting rights regarding the Portuguese professional football leagues

6th April 2021 On 23 March 2021, the new legal regime regarding the ownership of broadcasting rights of the 1st and 2nd football leagues came into force (Decree-Law no. 22-B/2021, of 22 March). 

Portugal – Measures in response to COVID-19 Extension of time limits

1st April 2021 Following the measures that have been imposed in order to prevent the spread of COVID-19, Decree Law no. 22-A/2021 was published, on March 17, with the aim of extending certain time limits and establishing exceptional and temporary measures.

Transitional regime applicable to the provision of financial services by United Kingdom based entities

2nd February 2021 On 23 December 2020, the Portuguese Government enacted Decree-Law no. 106-/2020, approving the transitional regime applicable to the provision of financial services by United Kingdom based entities. The regime enters into force on 1 January 2021 if, on that date, no agreement (or equivalent decision) has been reached between the European Union and the United Kingdom of Great Britain and Northern Ireland, regulating the matters covered therein (“Decree-Law").

Sao Tome and Principe LEGAL REGIME FOR THE MINING AND EXTRACTION OF AGGREGATES

29th January 2021 On the 22nd September 2020, was published the Law 9/2020, which approved the Legal Regime for the Mining and Extraction of Aggregates (“RJEEI”), defining the condition under which such mining and extraction is allowed in the national territory.

Angola Mining – CORPORATE Social Responsibility in lunda SOUTH province

29th January 2021 The Lunda South Provincial Government released a memorandum voicing the intentions of his Government and Endiama – E.P.’s Board of Directors in relation to corporate social responsibility (“CRS”) actions to be implemented (“Memorandum”).

Angola The New Local content legal Framework for the oil & gas industry

29th January 2021 Presidential Decree 271/20, of 20 October 2020 (“PD 271/20”), approved the new legal framework for the promotion of local content in the oil and gas industry, expressly repealing Ministry of Petroleum Order 127/03, of 25 November 2003 (“Order 127/03”).

MOZAMBIQUE – New Regulations on the Licensing of Petroleum Facilities and Operations 

29th January 2021 By means of Decree No. 84/2020, of 18 September, the Government of Mozambique has approved the new regulations on the licensing of petroleum facilities and operations. This new Decree, which is part of an ongoing reform in the O&G sector, although not expressly revoking Ministerial Order No. 272/2009, of 30 December (Regulations on Licensing of Petroleum Installations and Activities), ends-up grandfathering the same.

ANGOLA | 2021 STATE BUDGET

28th January 2021 The 2021 State Budget, approved by Law 42/20, of 31 December 2020, has been recently published. The diploma entered into force on 1 January 2021.

Angola Tender FOR AWARD OF oil CONCESSIONS

28th January 2021 On 31 December 2020, the Angolan National Petroleum, Gas and Biofuels Agency (ANPG), in its capacity as national concessionaire, has announced the intention to launch an international tender for the award of new oil concessions – “2020 Licensing Round”.

PORTUGUESE BANKING CODE – PUBLIC CONSULTATION

28th January 2021 On 29 October, the Bank of Portugal launched a public consultation on the initial draft of the new Portuguese Banking Code (Código da Atividade Bancária or CAB).

Angola – Public debt (Treasury bonds)

28th January 2021 The Ministry of Finance has recently published, in accordance with delegated powers, the following Executive Decrees:

EXTRAORDINARY BUSINESS ENABLEMENT PROCEDURE

28th January 2021 On  October 16, the Proposed Law no. 53/XIV was approved. In addition to providing for exceptional and temporary changes to the existing rules on insolvency proceedings, the Special Revitalization Proceedings ("PER"), the Special Proceedings for Payment Agreements ("PEAP") and the Extrajudicial Company Recovery Scheme ("RERE"), this diploma creates the Extraordinary Company Enablement Procedure ("PEVE"). According to the approved Proposal, still subject to enactment by the Portuguese President, this new procedure as well as the amendments to the other listed proceedings, will enter into force on the day following its publication and, unless further extended,  will remain in force until 31 December 2021.

EXPROPRIATION FOR PUBLIC PURPOSE ACT

28th January 2021 The new Expropriation for Public Purpose Act (Law 1/21, of 7 January 2021) was enacted on 07.01.2021, repealing Ordinances 14.507 and 23.404, which had extended the legal expropriation framework applicable in Angola enacted by Law 2030, of 22 July 1948 and Decree 43.587, of 8 April 1961.

EQUATORIAL GUINEA REGULATIONS FOR TRADE AT LAND BORDERS WITH CAMEROON AND GABON

28th January 2021 By means of Decree 002/2021, of 11 January, the President of the Republic put in place a number of measures governing the trade operations at Equatorial Guinea’s land borders with Cameroon and Gabon.

EUROPEAN COMMISSION communication on a DIGITAL FINANCIAL STRATEGY FOR THE EU

28th January 2021 On 24 September the European Commission issued a Digital Finance Package, which includes the Digital Finance Strategy for the EU. As the Covid-19 pandemic spread through Europe, the uptake on new digital financial solutions increased while the need for a widespread adoption became evident. With the Digital Finance Package, the European Commission is aiming to tackle the challenge of promoting digital finance services while addressing the risks that may arise for users and for the stability of the financial market.

International transfers of data to the United kingdom after brexit

28th January 2021 On 24 December 2020, the European Commission (CE) announced the conclusion of the Trade and Cooperation Agreement with the United Kingdom, following its withdrawal from the European Union (EU) and the end of the succeeding transition period. The Agreement has now been published by the EC and it establishes a transitional regime for international data transfers between Member States and the United Kingdom.

ECONOMIC RECOVERY PLAN – TIMOR-LESTE

22nd October 2020 The Government of Timor-Leste has approved the Economic Recovery Plan aimed at tackling the economic downturn caused by the COVID-19 outbreak.

ORGANIZATION OF THE STATE’ S DIRECT AND INDIRECT ADMINISTRATION – TIMOR-LESTE

22nd October 2020 The recently enacted Decree-Law 30/2020, of 29 July 2020, established a new framework applicable to the Organization of the State’s Direct and Indirect Administration and repealed the former framework established by Decree-Law 12/2006, of 26 July 2006, as amended by a Rectification published in the Official Gazette, no. 14, Series I, of 31 August 2006.

Law on Tax Incentives in Equatorial Guinea

5th August 2020 On 7 July 2020, the Parliament passed Law 1/2020, setting forth tax incentive-related measures applicable to all taxpayers, resident and non-resident individuals and companies with tax debts towards the State of Equatorial Guinea.

Amendments to the Personal Income Tax Code in Angola

5th August 2020 Law no. 28/2020, of 22nd July, 2020, approved several amendments to the Personal Income Tax (“PIT”) Code. 

Reporting of cross-border transactions (DAC 6) – Portuguese legal framework in force

5th August 2020 Last week Law No. 26/2020, of 21 July (Law 26/2020) was finally published, transposing into Portuguese legislation Council Directive (EU) 2018/822, of 25 May 2018 (DAC 6). DAC 6 foresees new mandatory disclosure rules regarding certain cross-border mechanisms based on objective characteristics (hallmarks).

Angola – Amendments to the industrial tax CODE

5th August 2020 Law no. 26/2020, of 20th July, 2020, approved several amendments to the Industrial Tax Code, which have a huge impact not only on the Angolan resident companies, but also on all foreign entities providing services to Angolan clients.

P2B REGULATION

5th August 2020 On 12 of July, an important regulation which sets new rules in the context of e-commerce entered into force: the Regulation on Promoting Fairness and Transparency for Business Users of Online Intermediation Services (Regulation (EU) 2019/1150 of the European Parliament and of the Council of 20 June 2019) ("P2B Regulation"). The main objective of the P2B Regulation is to create greater trust and confidence in e-commerce by laying down rules applicable to business relationships between (i) entities providing online intermediation services (OISPs) to business users and (ii) entities providing online search engines (OSEs) to users of corporate websites. All OISPs and OSEs, regardless of place of establishment or residence, are covered by the P2B Regulation provided that business users have a place of establishment or residence in the European Union (EU) or offer their goods or services to consumers located in the EU.

Court of Justice of the European Union invalidates UE-US Privacy Shield (Schrems II case)

5th August 2020 On 16 July 2020, the Court of Justice of the European Union (CJEU) issued a landmark ruling on the Schrems II case (Case C-362/14). As expected, CJEU decided on the invalidity of the EU-US Privacy Shield, one of the mechanisms used by organisations to transfer personal data to the USA. In its judgment, the CJEU also noted on the use of the Standard Contractual Clauses (SCC) mechanism.

European Parliament’s Think Tank – Study on the impact of the GDRP on artificial intelligence

20th July 2020 On the 25 June, the European Parliament’s Think Tank published a new studyon the impact of the GDRP on artificial intelligence (AI). The study was prepared at the request of the Panel for the Future of Science and Technology (STOA) and managed by the Scientific Foresight Unit, within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament.

Angola – Investment One-Stop Shop in Angola

20th July 2020 The Investment One-Stop Shop (“OSS”) was recently set up in Angola through Presidential Decree 167/20, of 15 June 2020. The Executive Branch wanted to afford private investors easy and priority access to Public Administration services and concentrate those services to streamline and speed up the procedures required to implement investment projects and any investments subject to special laws on time.

Equatorial Guinea – Automated System for Customs Data

20th July 2020 The Automated System for Customs Data (ASYCUDA) has been adopted in Equatorial Guinea by means of Order No. 11/2020, of 30 April 2020, of the Minister of Finance, Economy and Planning.

Timor-Leste – Decree-Law on Onshore Petroleum Operations (May 2020)

20th July 2020 The long-awaited regulations on Onshore Petroleum Operations has been approved by the Decree-Law 18/2020, of 13 May 2020 (“Onshore Regulations”).

Angola – New Foreign Exchange Regime for the Diamond Sector (June 2020)

20th July 2020 The Angolan Central Bank (Banco Nacional de Angola – “BNA”) has enacted BNA Order 13/20, of 29 May 2020, establishing a new foreign exchange regime for the diamond sector (repealing BNA Order 2/03, of 28 February 2003, which established the foreign exchange regime for diamond producers and holders of other mineral rights).

Angola – New Governance Model for the Mining Sector (June 2020)

20th July 2020 Presidential Decree no. 143/20, of 26 May, has approved the new Governance Model for the Mining Sector (the “Presidential Decree”). Pursuant to the Presidential Decree, the newly approved governance model aims to increase the efficiency of the sector by (i) the reduction of the State’s direct participation in mining activities and (ii) the optimization of the role of private agents, (iii) allowing the concentration of strategic functions in the Ministry of Mineral Resources, and (iv) promoting transparency in the industry.

Equatorial Guinea – New Mining Legal Framework (June 2020)

20th July 2020 Further to the entering into force of the new Mining Law, approved by Law 1/2019, of 29 November 2019 (“NML”), the Ministry of Mines and Hydrocarbons (“MMH”) has now enacted the Regulations for the Mining Operations (Regulations 1/2020, of 13 April 2020 - “RMO”).

Equatorial Guinea – New Regulations on Petroleum Operations

20th July 2020 Last 15 June 2020, the Minister of Mines and Hydrocarbons has enacted the new regulations to the 2006 Hydrocarbons Law (“2006 HL”).

Regulations on Online Commercial Registration and Publications in Angola

20th July 2020 Executive Decree 168/2020, of 1 June 2020, which approved the Regulations on Procedures for Online Promotion of Commercial Registration Acts and Publication of Acts related to Companies (“Regulation”) entered into force.

New Regulations on Civil Construction and Public Works, Works Planning, Works Inspection Activities

20th July 2020 By means of Presidential Decree no. 146/20, of 27 May, the Angolan Executive has approved the new Regulations on Civil Construction and Public Works, Works Planning and Works Inspection Activities (the “Regulations"). The Regulations apply to all individuals or legal entities engaged in the carrying-out of civil construction and public works, works, works planning and inspection activities.

National Environmental Quality Program in Angola

20th July 2020 The National Environmental Quality Program (Portuguese acronym: PNQA) was approved in Angola by Presidential Decree 138/20, of 19 May 2020. The act came into force on the same day.

New Regulation on the Establishment of a Framework to facilitate Sustainable Investment

20th July 2020 Regulation (EU) 2020/852 of the European Parliament and of the Council, of 18 June 2020 on the establishment of a framework to facilitate sustainable investment (“Regulation”), amending Regulation (EU) 2019/2088, was published on June 22.

Special Framework to Simplify the terms of Production Sharing Agreements in Sao Tome and Principe

20th July 2020 A Special Framework to Simplify (“SFS”) the terms of Production Sharing Agreements (“PSA”) was enacted by the Council of Ministers last 17 June 2020.

General Tax Code in Angola

20th July 2020 Law 21/20, of 9 July 2020, was published, amending the General Tax Code (GTC). The new rules have entered into force on 9 July 2020. 

Property Tax Code in Angola

20th July 2020 July, 2020 approved the new Property Tax Code (PTC), revoking the former Urban Property Tax Code and all the legal provisions regarding the taxation of real state, established by the Regulation regarding the Assessment and the Collection of the Inheritance and Git Tax and SISA levied on the Acquisition for Consideration of Real Estate Properties. The new tax will enter into force on August 8, 2020.

CABO VERDE – State of Emergency declared from 29 March 2020

27th April 2020 In order to ensure the constitutional legitimacy of the measures approved by the Government to control the country's epidemiological situation and to anticipate and contain the foreseeable increase of the COVID-19 contagion lines in the country, the President of the Republic of Cabo Verde declared a state of emergency by Presidential Decree 06/2020, of 28 March 2020 ("PD 06/20"), after hearing the Government and securing Parliament’s authorization.

TIMOR-LESTE – Exceptional and temporary measures concerning the epidemiological situation of the new

27th April 2020 On March 19, 2020, the Resolution of the Government of Timor-Leste No. 10/2020 ("Resolution") was published in the Official Gazette (Jornal da República), establishing a set of exceptional and temporary measures in order to contain the spread of the new Coronavirus Covid-19 ("Covid-19") in the national territory.Among the approved provisions, we note the following:

NGOLA – Covid-19: Angola declares a State of Emergency from 27 March 2020

27th April 2020 Considering the public health emergency caused by Covid-19 and the need to put measures in place to prevent and combat the spread of the pandemic, the President of the Republic of Angola enacted Presidential Decree 81/2020, of 25 March 2020 (“PD 81/20”), declaring a state of emergency after hearing the Government and securing the authorization of Parliament.

Equatorial Guinea – COVID-19 Outbreak

27th April 2020 COVID-19 Outbreak31 March 2020 The Equatorial Guinea Government has been active in adopting measures to face the outbreak of the novel coronavirus (the COVID-19) in Equatorial Guinea, including those taken in 12 March 2020 suspending international flights as from 15 March 2020 and keeping the population well informed (particularly by the Ministry of Health) of all COVID-19 symptoms and of what health measures should be followed during the pandemic.

Equatorial Guinea – COVID-19 Outbreak

27th April 2020 The Equatorial Guinea Government has been active in adopting measures to face the outbreak of the novel coronavirus (the COVID-19) in Equatorial Guinea, including those taken in 12 March 2020 suspending international flights as from 15 March 2020 and keeping the population well informed (particularly by the Ministry of Health) of all COVID-19 symptoms and of what health measures should be followed during the pandemic.

Equatorial Guinea – COVID-19 Outbreak Update | New Measures Adopted

27th April 2020 In addition to the measures adopted on 23 March 2020 to prevent the spread of the COVID-19, and as already announced in our previous Flash on this subject matter, considering that more COVID-19 cases have been confirmed in Equatorial Guinea, the Prime Minister, after consulting inter alia with the Novel Coronavirus Surveillance Technical Committee, has issued a notice adopting new preventive measures.These measures – adopted, publicized and enforceable on/since 31 March 2020 and that apply in addition to those adopted on 23 March 2020 – may be summarized as follows: (we note that the notice indicates that this measure will continue in place until 15 April 2020 but that the 14-day term ends on 17 April 2020; our best interpretation is that the measure should be deemed effective until 17 April 2020) We plan to continue issuing updates on the measures put in place in the Country regularly.

Equatorial Guinea -COVID-19 Outbreak Update #2 | State of Alarm for Health Reasons

27th April 2020 As reported in our 31 March 2020 Flash, the Council of Ministers of the Republic of Equatorial Guinea was discussing a draft Decree declaring State of Emergency and on 30 March 2020 the President of the Republic had a meeting with members of the Government to discuss widening even further the measures to contain the COVID-19 in the Country.

CABO VERDE – Special framework for pledges over movable assets

27th April 2020 Decree Law No. 40/2020, of 1 April 2020, sets forth a special framework for pledges over any type of movable assets (including over the entirety of a pledgor’s movable assets), over a part or fraction of a movable asset, or over a company.Pledges under the new legal framework are subject to the following main rules:

Banking & Finance – MORATORIUM AND OTHER MEASURES

21st April 2020 Decree Law No. 40/2020, of 1 April 2020, sets forth a special framework for pledges over any type of movable assets (including over the entirety of a pledgor’s movable assets), over a part or fraction of a movable asset, or over a company. Pledges under the new legal framework are subject to the following main rules:

ANGOLA: Legal Framework of Equity Securities

17th February 2020 Presidential legislative Decree no. 1/20 was recently approved, establishing the Legal Framework of Equity Securities, characterised as hybrid securities representing debt contracted by companies of the Public Business Sector.

PORTUGUESE GOVERNMENT APPROVES 13-POINT STRATEGY FOR 5G

11th February 2020 The path towards 5G in Portugal includes a new step, as of last Friday, 7^th of February, when the Portuguese Council of Ministers issued its Government Order nr. 7-A/2020, mapping out the Government’s Strategy for 5G adoption in Portugal.

ANGOLA FOREIGN EXCHANGE POLICY NOTICE NO. 01/2020, OF 9 JANUARY

22nd January 2020 FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 01/2020, with a view to simplifying the administrative procedures for licensing the import of goods, and Notice no. 02/2020 with a view to making exempt from authorisation certain current invisible transactions, ordered by legal persons.

ANGOLA FOREIGN EXCHANGE POLICY NOTICE NO. 15/2019, OF 30 DECEMBER

22nd January 2020 FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 15/2019 on the procedures for foreign investment operations carried out by entities qualified as non-residents for foreign exchange purposes.

CNPD ISSUES RESOLUTION ON THE NON-APPLICATION OF SOME PROVISIONS OF THE GDPR IMPLEMENTATION LAW IN P

9th January 2020 The Portuguese Data Protection Authority (CNPD) recently approved Resolution 2019/494 (Resolution) determining the non-application of some provisions of Law 58/2019, of August 8th(GDPR Implementation Law), which implements the General Data Protection Regulation (GDPR) in the Portuguese legal system.

Angola: VALUE ADDED TAX AND EXCISE DUTY

8th January 2020 The Value Added Tax Code (“VAT Code”) and the Excise Duty Code have been amended by recently published Laws 17/19 and 18/19, respectively.The amended Acts are expected to enter into force on 1 October.

Angola: ENTRY INTO FORCE OF LAW NO. 19/19, OF 14 AUGUST, AMENDING THE ORGANIC LAW AND THE PROCEDURE

8th January 2020 On August 14, 2019, Law no. 19/19, of the same date, entered into force, amending the Organic and Process Law of the Court of Auditors, Law no. 13/10, of July 9.

Angola: BID ANNOUNCEMENT FOR THE AWARD OF PETROLEUM CONCESSIONS

8th January 2020 Pursuant to the Overall Strategy for the Awarding of Petroleum Concessions in the period 2019-2025, approved by Presidential Decree no. 52/19, of 18 February, the National Oil, Gas and Biofuels Agency (“ANPG”) has announced the international bidding process for ten oil blocks located at Benguela (block 10) and Namibe (blocks 11, 12, 13, 27, 28, 29,41, 42 and 43).

Angola: CUSTOMS TARIFF AND CUSTOMS CODE

8th January 2020 NEW CUSTOMS TARIFF FOR IMPORT AND EXPORTDUTIESA new Customs Tariff for Import and Export Duties ("Customs Tariff") was approved by Presidential Legislative Decree No. 10/19 of 29November.The new Customs Tariff is geared at the modernization of the Angolan customs system and aims to promote national production, attract investment and promote employment and national labour. This new Customs Tariff is also meant to adapt to the new version of the Nomenclature of the Harmonized System (“SH").Among the various changes, we highlight the adaptation of the new Customs Tariff to VAT and Excise Tax. This law enters into force on 29 December 2019.

TIMOR-LESTE | PUBLIC TENDERING PROCEDURES FOR NEW PETROLEUM BLOCKS

8th January 2020 Taur Matan Ruak, the Prime Minister of the Democratic Republic of Timor-Leste, has announced the Open Door Round of Timor-Leste, a public tendering procedure concerning the allocation of eighteen new blocks for petroleum activities. Seven of those blocks (blocks A to G) are located onshore, and eleven (blocks H to R) are located offshore, in the exclusive zone of Timor-Leste.

TIMOR-LESTE| SECOND AMENDMENT TO THE PETROLEUM ACT

8th January 2020 By Law 6/2019, of 4th December 2019, the National Parliament approved a second amendment to the Petroleum Act (Law 13/2005, of 2 September 2005, as amend by Law 1/2019, of 18th January 2019), which entered into force on the 5th December 2019.

ANGOLA| APPROVAL OF NEW FOREIGN EXCHANGE POLICIES AND PRICING OF TRANSACTIONS IN FOREIGN CURRENCY

8th January 2020 A series of Notices have been approved by the National Bank of Angola (Banco Nacional de Angola) to ensure transparency and balance of the foreign exchange market, the protection of consumer rights of financial services and products, as well as strengthening the process of standardisation of the foreign exchange market, having also been introduced the applicable rules to the oil and gas sector.

SECURITISATION LEGAL FRAMEWORK

8th January 2020 Law no. 69/2019, of 28 August (“Law”), was published yesterday in the Official Gazette of the Portuguese Republic. The Law provides for the execution in the Portuguese jurisdiction, of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 (“Regulation”), which lays down a general framework for securitisation and creates a specific framework for simple, transparent and standardised securitisation (“STS Securitisation”).

Angola | Amendments To The Legal Framework Governing Registration

6th November 2019 ANGOLA | AMENDMENTS TO THE LEGAL FRAMEWORK GOVERNING REGISTRATION WITH AND CONTRIBUTIONS TO THE MANDATORY SOCIAL SECURITY SYSTEMPresidential Decree 227/18, of 27 September 2018, which will come into force on 27 December 2018, repealed Decree 38/08, of 19 June 2008, and significantly amended the Legal Framework governing Registration with and Contributions to the Mandatory Social Security System. Important amendments include:

Mozambique Environment

6th November 2019 MOZAMBIQUE: ENVIRONMENT | NEW REGULATION ON THE EXTENDED RESPONSIBILITY OF PRODUCERS AND IMPORTERS OF PACKAGINGOn 29 December 2017, Decree 79/2017, of 28 December 2017, approving the Regulation on the Extended Responsibility of Producers and Importers of Packaging (the “Regulation”), came into force. The Regulation’s objective is the adoption of principles, rules and guidelines to increase the responsibility of producers and importers of packaging in order to safeguard the environment and public health, in the context of sustainable development.

Competition Authority Created In Angola

8th April 2019 January 2019 On 21 December 2018, Presidential Decree 313/18 approving the bylaws of the Angolan Competition Regulatory Authority (“CRA”) was published, putting in place the last piece of the Angolan competition law regime.The decree completes the Angolan Competition Act (“ACA”), of 10 May 2018 (see Flash here), and the corresponding Regulation, approved by Presidential Decree 240/18, of 12 October 2018 (“Regulation”).

Angola | Value Added Tax

4th April 2019 25 January 2019 The Angolan National Assembly approved a bill enacting the new Value Added Tax (“VAT”) Code.The approved VAT model is a multi-stage tax that encompasses the entire economic chain. Inspired by the European VAT model, the new tax should replace the current Consumption Tax as well as bring about a few adjustments to the Stamp Duty Code.

Beware Of Rpm – Commission Issues Fines For Online Resale Price-fixing

22nd March 2019 July 31, 2018 On 24th July 2018, the European Commission (EC) issued four decisions fining Asus, Philips, Denon & Marantz and Pioneer, for a total of 111 million EUR, for fixing or establishing minimum resale prices on online retailers, a commercial practice also known as resale price maintenance (RPM).According to the EC, such RPM practices restricted online retailers’ ability to set their own retail prices for widely used consumer electronics product infringing EU competition rules.

Privacy, Data Protection & Cybersecurity

22nd March 2019 19 February 2018 COMMISSION COMMUNICATION – GUIDANCE ON THE DIRECT APPLICATION OF THE GENERAL DATA PROTECTION REGULATION The European Commission (the “Commission”) has issued, on the 24 January, a Communication containing guidance in view of facilitating the direct application of the General Data Protection Regulation (“GDPR”) in all the European Union (the “EU”) as of 25 May 2018 (the “Communication”). Simultaneously, the Commission has also published a set of GDPR-related Q&A and an online tool to help companies – focusing on SMEs -, citizens and public administrations understand the new rules.

Mozambique | Spectrum Auction

6th November 2018 The Mozambique Government has recently published in the Official Gazette Resolution no. 12/2018, of April 25, determining the authorisation for the launch of an auction procedure for the grant of rights of use of radio frequencies in the 800MHz, 1800MHz and 2600MHz bands. The base bidding prices shall be set by a Joint Order to be issued by the Ministers of Finances and Communications. The rules and procedures governing the auction shall be determined by INCM, the communications national regulatory authority.

Employment & Benefits

6th November 2018 Update of the Social Support Indexation (IAS)’s valueIt was published in the National Official Journey the Decree no. 21/2018 updating the annual Social Support Indexation (IAS)’s value, which is now € 428.90.

Regulations On Abandonment And Decommissioning Of Upstream Oil And Gas Facilities

6th November 2018 Presidential Decree 91/18, of 10 April 2018 (“PD 91/18”) enacted the regulations on abandonment and decommissioning of upstream oil and gas facilities located in Angola.Below you will find an overview of PD 91/18.

Anti-money Laundering And Combating Terrorist Financing

6th November 2018 On 26 September 2018, the Bank of Portugal issued Notice no. 2/2018 (“Notice 2/2018”), which sets out the conditions for compliance with the prevention of money laundering and combating terrorist financing (“AML/CTF”), complementing Law no. 83/2017 (“Law 83/2017”), regulating the means and mechanisms necessary for financial entities to comply with the duties set forth in Law no. 97/2017 (“Law 97/2017”).

Guidance On The Direct Application Of The General Data Protection Regulation

6th November 2018 The European Commission (the “Commission”) has issued, on the 24 January, a Communication containing guidance in view of facilitating the direct application of the General Data Protection Regulation (“GDPR”) in all the European Union (the “EU”) as of 25 May 2018 (the “Communication”). Simultaneously, the Commission has also published a set of GDPR-related Q&A and an online tool to help companies – focusing on SMEs -, citizens and public administrations understand the new rules.

Beware Of Rpm – Commission Issues Fines For Online Resale Price-fixing

6th November 2018 On 24th July 2018, the European Commission (EC) issued four decisions fining Asus, Philips, Denon & Marantz and Pioneer, for a total of 111 million EUR, for fixing or establishing minimum resale prices on online retailers, a commercial practice also known as resale price maintenance (RPM).According to the EC, such RPM practices restricted online retailers’ ability to set their own retail prices for widely used consumer electronics product infringing EU competition rules.

New Basic Regulation On Common Rules In The Field Of Civil Aviation

6th November 2018 NEW BASIC REGULATION ON COMMON RULES IN THE FIELD OF CIVIL AVIATION AND ESTABLISHING A EUROPEAN UNION AVIATION SAFETY AGENCYOn 11 September 2018 came into force the new Basic Regulation – Regulation (EU) 2018/1139 of the European Parliament and of the Council of 4 July 2018 on common rules in the field of civil aviation and establishing a European Union Aviation Safety Agency (“New Basic Regulation”) – that repealed the former Basic Regulation (Regulation 216/2008 of the European Parliament and of the Council).

Conversion Of Credits Into Capital In Companies With A Minimum Turnover Of €1 Million

6th November 2018 Law no. 7/2018, of 2 March 2018 was published last Friday, establishing a new legal framework for conversion of credits into capital.Approved as part of the Programa Capitalizar (Capitalize Program) and effective as of 3 March, the Act affords companies and their creditors an extrajudicial recovery and restructuring avenue to act swiftly with regard to the capitalization of companies in a weak financial position but that are economically viable.

Programa Capitalizar (capitalize Program) – Extrajudicial Framework For Business Recovery

6th November 2018 Law no 8/2018, of 2 March 2018 was published last Friday, establishing the Regime Extrajudicial de Recuperação de Empresas (Extrajudicial Framework for Business Recovery) (“RERE”), which is effective as of 3 March 2018.

Regulation Of The Beneficial Owner Central Register Legal Regime

6th November 2018 Ministerial Order 233/2018, of 21 August 2018 (“Ministerial Order 233/2018”), which regulates the legal regime of the Beneficial Owner Central Register (“BOCR”), enacted by Law 89/2017, of 21 August 2017 (“Law 89/2017”), enters into force today.

Right To Compensation For Damages From Infringements Of Competition Law

6th November 2018 Act 23/2018, establishing the legal framework on the right to compensation for damages from infringements of competition law, was published on 5 June 2018. This legislative act transposes into Portuguese law the Directive 2014/104/EU of the European Parliament and of the Council, of 26 November 2014, which established common rules to all Member States on actions for damages from infringements of competition law provisions.

Proposal For Amendment – Transfer Of Undertakings, Businesses Or Parts Of Businesses

6th November 2018 Today was promulgated by the President of the Portuguese Republic, the diploma of the Parliament amending the legal regime applicable to the transfer of undertakings, businesses or parts of businesses and that strengthens the rights of workers, proceeding to the amendment to the Labor Code, approved in annex to Law No. 7/2009, of 12 February

Angola | Amendments To Private Investment Rules On The Government Radar

6th November 2018 A new organizational model for the carrying-out of private investment operations is currently being considered by the Angolan Government. The basis for this new model was recently published by the Technical Unit for Private Investment (“UTIP”) – a specialized unit established back in 2015, responsible for assisting the Head of the Executive with private investment related matters – in a document entitled the “New Private Investment Operational System Framework (“NPIOSF”). In a nutshell, the NPIOSF recommends the implementation of two structural changes to the existing framework:

Angola – Natural Gas Framework Law

6th November 2018 Presidential Legislative Decree 7/18, of 18 May 2018 (“PLD 7/18”) enacted the Angola Natural Gas Framework Law. Below you will find an overview of PLD 7/18.

Angola New Private Investment Law And Regulatory Investment Agency

6th November 2018 1 - PRIVATE INVESTMENT LAWHOT OFF THE PRESS: The Angolan National Assembly approved the new private investment regime by means of Law 10/18, of 26 June 2018 (“2018 PIL”)

Angola New Rules For Oil Industry Public Tenders And Procurement Of Supplies/services

6th November 2018 Presidential Decree 86/18, of 2 April 2018 (“PD 86/18”), introduced several modifications to the rules governing the following activities:

• Public tenders for awarding of oil blocks
• Procurement of supplies and services by oil operators

Below is a summary of the most significant changes by PD 86/18:

What Is New In Public Procurement In Angola: Public Procurement Unit And Project Or Contract Manager

6th November 2018 Presidential Decree 88/18 came into force on 6 April and establishes the rules for the organization and operation of the Unidades de Contratação Pública [Public Procurement Units] (“UCP”). These Units will intervene at the stages of formation and management of projects and contracts executed by Entidades Públicas Contratantes [Public Contracting Entities] (“EPC”), i.e., public entities (and state-owned companies) qualified as such in the Public Contracts Act.

Competition & Eu: Angola Approves Competition Act

6th November 2018 On 18 April 2018, the National Assembly of Angola approved the Competition Act (the “Act”).The safeguard of sound competition between economic agents aims at fully implementing a market economy, stimulating the Angolan economy and improving the standing of Angola in the “Doing Business” international rankings. The Act is applicable to all economic sectors, thus covering private, public and cooperative undertakings, as well as business associations.

Banking & Finance: New Bna Instructions On Exchange Rate Policy

6th November 2018 INSTRUCTION NO. 01/2018

• Establishes, among other provisions, that the sale and purchase of foreign currency shall be carried out through auctions, via the SGMC, and also defines the access requirements for participation of Commercial Banks in these auctions and the procedures they should observe in this regard.
• This Instruction, which entered into force yesterday, repeals Instruction no. 10/2105.

Angola: Marginal Fields Decree

6th November 2018 Presidential Legislative Decree 6/18, of 18 May 2018 (“PLD 6/18”) enacted the Marginal Fields Decree.Below you will find an overview of PLD 6/18.

Angola – Natural Gas Framework Law

11th June 2018 Presidential Legislative Decree 7/18, of 18 May 2018 (“PLD 7/18”) enacted the Angola Natural Gas Framework Law. Below you will find an overview of PLD 7/18.

VdA has been appointed to preside over the Steering Committee of GRACE

13th February 2018 On December 15, Vieira de Almeida entered into an exclusive partnership agreement with Cabinet BASSOUNDA & Partners - BP Partners, a Chadian law firm lead by Sylvanus Bassounda and Beti Kolossoum Nodjitan. BP Partners is one of the most prestigious law firms in Chad, with a widely acknowledged expertise in OHADA Law, Tax, Employment, Finance and Litigation.

VdA Legal Partners: exclusive partnership in Chad

13th February 2018 On December 15, Vieira de Almeida entered into an exclusive partnership agreement with Cabinet BASSOUNDA & Partners - BP Partners, a Chadian law firm lead by Sylvanus Bassounda and Beti Kolossoum Nodjitan. BP Partners is one of the most prestigious law firms in Chad, with a widely acknowledged expertise in OHADA Law, Tax, Employment, Finance and Litigation.

VdA announces new partners Ana Luís de Sousa and Catarina Pinto Correia

13th February 2018 As of January 2018, Ana Luís de Sousa and Catarina Pinto Correia join VdA partnership.Lawyers in, respectively, Projects - Infrastructures, Energy & Natural Resources and Public Law, these appointments stand for from the ongoing strategic commitment to reinforce the firm’s capabilities in core areas and develop new skills in key sectors of the economy, providing increased added value to our clients.

Credit Intermediation And The Provision Of Consultancy Services

27th October 2017 Decree-Law no. 81-C/2017, of 7 July, approved the regime governing Access to and Exercise of Credit Intermediary Activities and the Provision of Consultancy Services, which regulates the conditions, across the board, for the exercise of such activities in relation to any consumers in Portugal, regardless of the type and scope of credit agreement in question, having even transcended the reach of Directive no. 2014/17/EU on consumer credit agreements relating to residential immovable property, which it also partially transposed into Portuguese law.

Companies Code Amended

27th October 2017

Decree-Law 79/2017, of 30 June 2017, was published last Friday and amends both the Insolvency and Corporate Recovery Code and the Companies Code, in order to implement the goals of the “Programa Capitalizar” approved by Council of Ministers Resolution 42/2016, of 18 August 2016

Mozambique | Petroleum Products Supply

27th October 2017

Ministerial Statute 50/2017, of 11 July 2017, sets forth the measures approved by the Ministry of Mineral Resources and Energy to streamline petroleum products’ import into and supply to the country and ensure fuel supply safety, regularity and quality. The newly approved measures obviously have a direct impact on distributors, but also affect suppliers, IMOPETRO, commercial banks operating in-country and the Banco de Moçambique (“BdM”).

Mozambique | Vat Code Amended

27th October 2017

Law no. 13/2016, of 30 December 2016, which amended and republished the Mozambican VAT Code, was recently rectified by a Notice, dated June 8th.

Angola | Significant Amendments To Regulations On The Performance Of A Professional

27th October 2017

Please be aware that a new Presidential Decree has been published on 24th of April (Presidential Decree 79/17 of 24 April) which, among others, introduces the following significant amendments to former Presidential decree 43/17 of 6 March (regulations on the performance of a professional activity by nonresident foreign employees ):

Article 29 Working Party Guidelines On The Eu General Data Protection Regulation

27th October 2017

In order to clarify some of the new obligations stemming from the EU General Data Protection Regulation (“GDPR”), which will apply as of 25th May 2018, the Article 29 Working Party (“WP29”) – the independent European consulting body for data protection issues – recently issued its “Guidance on Data Protection Impact Assessment (“DPIA”)”. This document will be available for public consultation until 23rd May, 2017.

Cnpd Approves 10 Measures To Prepare For The General Data Protection Regulation

27th October 2017

On 28th January, 2017, the Portuguese Data Protection Authority (Comissão Nacional de Proteção de Dados/CNPD) published a document establishing 10 measures for entities to prepare for the application of the General Data Protection Regulation (“GDPR”).

Since the GDPR will apply from 25 May 2018 onwards, CNPD points out that both public and private entities should begin to implement internal procedures and mechanisms so as to ensure compliance with the new data processing.

Angola | New Regulation On The Licensing Of Establishments And Of Commercial Activity

27th October 2017

Presidential Decree no. 193/17, which approves the Regulation on the Licensing of Establishments and of Commercial Activity and Market Services (“Regulation”), was published on 22 August. The Regulation, which will enter into force on 21 October (60 days after its publication), establishes the conditions and procedures governing the licensing of commercial activities and market services, as well as the licensing of the respective establishments, revoking Presidential Decree no. 288/10, of 30 November (Regulation on the Licensing of Commercial Activity and the Provision of Market Services), as well as all prior regulations on the matter contrary to the provisions of the new Regulation.

Mozambique VAT Code Amended

27th October 2017

Law no. 13/2016, of 30 December 2016, which amended and republished the Mozambican VAT Code, was recently rectified by a Notice, dated June 8th.

Prohibition On Issue Of Bearer Shares

26th October 2017

Bearer securities have been prohibited under Law 15/2017, of May 3, 2017, published today. The Companies Code
and the Securities Code have been amended in order to implement this measure.

Law 15/2017 – which takes effect tomorrow – greatly impacts limited liability companies by shares by eliminating
bearer shares and allowing nominative shares only

Angola | New Regulations On The Performance Of A Professional Activity By Non-resident

26th October 2017

Presidential Decree 43/17, of 6 March 2017 (“DP 43/17”) just enacted new regulations on the performance
of a professional activity by non-resident foreign workers, repealing former Decrees 5/95, of 7 April 1995
and 6/01, of 19 January 2001.

Angola | Law On The Protection Of Networks And Information Systems

20th October 2017

Law No. 7/17, concerning the Protection of Networks and Information Systems (LPNIS) was recently published in the Official Gazette, which imposes a set of new obligations to several players in the Angola market. Electronic communication undertakings, information society service providers, primary storage service providers, critical infrastructure service providers (e.g., entities responsible for supply chains, health, security and utilities), as well as entities providing critical social functions (financial sector, transportation, Oil&Gas) are now subject to obligations in what concerns information and information systems protection and security, storage of data, data retention for investigation purposes, cooperation with the competent authority and interception of communications, depending on the scope of activity carried out.